Asian Development Bank (ADB) on Friday warned that India's limited crude oil reserves of about 100 million barrels - sufficient for only 40-45 days of consumption - leave the country particularly vulnerable to supply disruptions through the Strait of Hormuz amid the ongoing war in West Asia.
Indian equity markets experienced a significant downturn as geopolitical tensions in West Asia, rising oil prices, and foreign fund outflows dampened investor confidence. The Sensex and Nifty both fell sharply in early trade, reflecting broader global market weakness.
The Madhya Pradesh government has formed a committee to monitor gas and oil supplies amid concerns over the West Asia crisis, assuring citizens that there are adequate stocks and no need to panic. The government is also working to ensure the safe return of Indian citizens from Gulf countries.
Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
Police in Odisha's Koraput district seized hashish oil worth approximately 225 crore from a forest manufacturing unit. Over 1,800 litres of hashish oil were recovered, and equipment was confiscated. In a separate operation, 1,143 kg of ganja worth 5 crore was seized, leading to four arrests.
India possesses approximately 100 million barrels of commercial crude oil stocks, capable of covering 40-45 days of its requirements if flows through the Strait of Hormuz are disrupted, according to Kpler.
Falling debris from an intercepted Iranian drone caused a 'limited fire' at Saudi Aramco's Ras Tanura refining facility in Saudi Arabia, Saudi Defence Ministry spokesperson Turki Al-Maliki said, according to Al Arabiya.
ONGC launched the 7th Para Games 2026 in New Delhi, featuring around 300 Divyang athletes from eight oil and gas PSUs, highlighting the company's commitment to inclusiveness and employee empowerment.
Replacing over a third of India's oil imports at competitive rates is going to be a challenge, said traders from State refiners, even though some progress was made in the last two months.
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
A Palau-flagged oil tanker with 15 Indian crew members was attacked off the coast of Oman, resulting in injuries. The incident occurred amidst rising tensions in the Middle East following attacks between Iran, the US, and Israel.
'No one can or will bar India from pursuing its energy goals as it wishes.' 'The US FTA wording may sound more restrictive, but the underlying reality will not undermine India's sovereign energy decisions.'
Lavrov's comments came two days after Russia accused the US of attempting to prevent India and other countries from buying Russian oil, saying Washington was using a wide range of 'coercive' measures, including tariffs, sanctions and direct prohibitions.
Greer said that India has taken down some digital services taxes and is moving tariffs down.
The Indian Coast Guard intercepted three vessels involved in an international oil smuggling syndicate operating in international waters near Mumbai, uncovering a sophisticated operation that evaded customs duties.
The Kremlin states it has not received confirmation from India regarding a halt to Russian oil purchases, following claims made by former US President Donald Trump. Russia affirms its commitment to strengthening relations with India.
India will restrict crude oil purchases from Russia as part of an agreement reached with the US in exchange for lower trade tariffs, sources said, adding imports will continue for now by refiners such as Nayara Energy, which have no other alternative source. US President Donald Trump announced overnight that the United States will cut the reciprocal tariff on imports of Indian goods to 18 per cent from 25 per cent under a broader bilateral understanding.
India will maintain multiple sources for crude oil purchases and diversify them to ensure stability in the supply chain with national interests remaining the "guiding factor" for the procurement, Foreign Secretary Vikram Misri said.
The Indian government has not yet responded to Trump's comments yet.
Speaking to reporters during a cabinet meeting at the White House on Thursday, Trump said the US had engaged in 'very substantial talks' with Iranian officials and described the tanker movement as proof of seriousness in the discussions.
Lavrov said that the US has set itself the objective of 'achieving economic domination', adding further to it that Americans want to control the routes to leading countries to provide its energy sources to them.
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
The Indian government has reduced excise duty on petrol and diesel to mitigate the impact of rising global crude prices, triggered by geopolitical tensions in the Middle East. This move aims to provide relief to consumers and oil companies amidst volatile international oil markets.
State-run oil-marketing companies (OMCs) are unlikely to significantly raise petrol and diesel prices despite crude oil nearing $100 a barrel, leading to potential margin pressure, while CLSA analysts project a 65 per cent upside for ONGC's stock.
Calling such reports baseless, Finance Minister Nirmala Sitharaman said there was no such move under consideration.
The petroleum ministry on Friday reaffirmed the government's commitment to maintaining stable petrol and diesel prices, despite India's high dependence on imports.
The Indian rupee depreciated significantly against the US dollar, reaching a new all-time low due to rising oil prices, a strong dollar, and ongoing geopolitical concerns. Domestic equity market declines and foreign investment outflows further contributed to the rupee's weakness.
US President Donald Trump jokingly referred to the Strait of Hormuz as the 'Strait of Trump' while discussing ongoing negotiations with Iran, adding that Iran was under pressure and willing to negotiate.
Benchmark indices Sensex and Nifty tumbled in early trade on Friday after a two-day rally, tracking a weak trend in global peers, as the US-Iran conflict continues to be a key overhang for the markets. Track Sensex, Nifty50 movement and key market drivers for March 27, 2026.
The Kremlin has stated that India is free to purchase oil from any country, dismissing claims that India agreed to reduce Russian oil imports. Russia maintains that energy trade with India benefits both nations and contributes to international energy market stability.
India's net oil import bill could rise by $56 billion to $64 billion annually assuming global crude averages $110 to $115 per barrel in FY27.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
The Indian government has refuted claims of fuel shortages, asserting that the country possesses approximately 60 days of fuel stock cover and that all petrol pumps are adequately stocked and operating normally.
Around one full month of supply is firmly arranged with additional procurement being continuously finalised, and oil companies are successfully delivering over 5 million cylinders every day.
Two more Indian-flagged LPG tankers have begun their journey from the Persian Gulf, navigating the Strait of Hormuz amidst regional conflict, following disruptions caused by recent tensions in the Middle East.
Indian stock markets tumbled sharply with the Sensex falling 800 points and nearly 4 lakh crore wiped out in a single session. Here are the 6 key factors, including rupee weakness and global cues, behind the crash.
Indian markets on Dalal Street rallied sharply as easing tensions in the US-Iran conflict and stable oil prices boosted sentiment. Track Nifty 50 and BSE Sensex performance and key global triggers.
Elevated global crude oil and natural gas prices, driven by geopolitical developments in West Asia, could significantly influence the Government of India's fiscal position for 2026-27, according to a report by ratings agency Icra.
A senior government official confirms that Indian vessels do not require permission to navigate the Strait of Hormuz, despite regional tensions. Several Indian ships, including LPG tankers, have safely crossed the strait, ensuring continued supply of essential commodities to India.
Chef Varun Inamdar incorporates millets in a coastal Homestyle Prawn Curry.
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